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122
Bahri Annual Report
Bahri Annual Report
Consolidated Financial Statement
Consolidated Financial Statement
16. Murabaha, Sukuk, and Long-Term Financing - Continued
15. Accounts Payable and Accruals
Accounts payable and accruals comprise the following at December 31:
2016
Financing
The Company
Subsidiaries
Total
%
2016
2015
Local Sukuk denominated in Saudi Riyals*
48%
3,900,000
-
3,900,000
546,951
Trade payables
789,616
38%
3,037,457
1,833,094
1,204,363
Murabaha financing
170,789
Accrued expenses
111,619
11%
879,375
-
879,375
Public Investment Fund “Murabaha financing”
21,619
Value of sold shares (related to previous shareholders)
21,691
-
Public Investment Fund finance “commercial loans”
3%
236,031
236,031
7,902
Others
5,400
Total Murabaha, Sukuk, and long term financing
100%
8,052,863
2,069,125
5,983,738
747,261
928,326
Less: current portion of Murabaha and long-term financing Net non-current portion of Murabaha, Sukuk, and long term financing
-
)547,016(
)229,353(
)317,663(
16. Murabaha, Sukuk, and Long-Term Financing
-
7,505,847
1,839,772
5,666,075
for the issuance of tradable debt instruments which include Sukuk and bonds. The Group has also signed various Murabaha and long term financing agreements to finance the building and acquisition of new vessels in different sectors. The following table shows the details of the Murabaha and long-term financing:
The Group has signed various short Murabaha financing agreements on June 22, 2014 to finance the acquisition of Vela’s vessels and its related expenses as well as to finance its working capital requirements for the Group. These financing agreements have been repaid through the issuance of local Sukuk denominated in Saudi Riyal on July 30, 2015 after the approval of the General Assembly on April 1, 2015
* The Company completed on July 30, 2015 the issuance and offering of local Sukuk denominated in Saudi Riyal for public offering with a nominal value amounted to SR 3.9 billion, and a nominal value of SR 1 million for each Sak, due on July 2022. The expected return on the Sukuk has been set at 80 basis points above the SIBOR rate for each periodic payment (semi-annual).
of the lending parties, the net book value as of December 31, 2016 amounted to SR 6.45 billion (2015: SR 4.51 billion).
• The financing costs are calculated as per the financing agreements at market prevailing rates.
• Certain VLCCs and petrochemical carriers are mortgaged in favor
The aggregate maturities of the outstanding financing as at December 31, are as follows:
2016
2016
2015
Financing
The Company
Subsidiaries
Total
%
1,001,146
Within one year
547,016
Local Sukuk denominated in Saudi Riyals*
40%
3,900,000
-
3,900,000
2,901,463
From 1 year to 5 years
1,552,447
51%
4,962,494
2,299,098
2,663,396
Murabaha financing
5,843,979
More than 5 years
5,953,400
7%
684,375
-
684,375
Public Investment Fund “Murabaha financing”
9,746,588
8,052,863
-
Public Investment Fund finance “commercial loans”
2%
199,719
199,719
Total Murabaha, Sukuk, and long term financing
100%
9,746,588
2,498,817
7,247,771
Less: current portion of Murabaha and long-term financing Net non-current portion of Murabaha, Sukuk, and long term financing
-
)1,001,146(
)493,053(
)508,093(
-
8,745,442
2,005,764
6,739,678
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